Industry Insights

There has been much talk about the changing face of the first-time business aviation users, post-Covid-19, with clear evidence of mounting demand for private aircraft at all levels, whether via charter, card membership, fractional or outright aircraft ownership.

This had led to significant industry growth in the USA and Australia, where, due to the vast landscape, a four- or five-hour flight remains within the same domestic borders. The experience in Asia Pacific (APAC), and its key commercial locations of Hong Kong and Singapore, is different. Take off from Hong Kong and in five minutes you cross into China and Taiwan. Depart Singapore and 60 seconds later you can be in Malaysia or Indonesia. However, with many Covid-19 lockdown and quarantine requirements still in place throughout the region, such cross-border travel is difficult.

These ‘new’ constraints for business aviation sit on top of the region’s long-term infrastructure issues but despite this, my long-term view is that APAC remains on course to overtake Europe as the second biggest market after the US within the next five years.

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Our industry is experiencing a worldwide shortage of pre-owned inventory. According to the latest data from AMSTAT, 5.2% of the world’s business aircraft are for sale, the lowest rate for decades. The United States is seeing a particular increase in demand for pre-owned aircraft, fueled by pent up demand for leisure travel, and a surge in new users entering the business aviation industry through charter, jet-card and fractional platforms. At Jetcraft, we’re also witnessing first-time buyers heading straight to aircraft ownership, fueled by the disruption of airline schedules and a desire to protect the health of their ‘bubble’ during Covid-19.

Although the current climate is challenging, there are still opportunities for buyers. Here are our top recommendations.

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Video: Jetcraft Asia President David Dixon offers further commentary on the case for business aviation today.

By Victoria Barrow, Vice President Sales, Jetcraft

In the last year we’ve seen roughly double the number of first-time buyers of pre-owned aircraft than in previous years at Jetcraft, which is a tremendously positive indicator for the future growth of our industry. While the Covid-19 pandemic has undoubtedly played its part in steering these new entrants towards the benefits of business aviation, many of the industry’s more traditional values still ring true. In 2021, corporates and individuals are building their case for private jet travel around the following factors.

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By Dan Kilkeary, former SVP Sales Americas, Jetcraft

As we reach the end of the first quarter of 2021, we’re seeing the business aviation industry gain increasing momentum, so much so, that our sector is seeking additional inventory to keep up with the number of buyers ready to make offers.

According to recent data published by WingX, the US is witnessing rapid recovery in flight hour activity, with Florida becoming the hub for business jet movements in the United States at 15% growth year-on-year. The recent lifting of Covid-19 travel restrictions by several US states is also expected to play out through rising flight hours and ownership inquiries, particularly from first-time buyers.

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Well, we did it. Together with our clients we navigated our way through a turbulent year for business aviation. We met some significant hurdles, with aircraft sales that all but halted during 2020’s second quarter. Despite the global shutdown in Q2, Jetcraft’s sales of private jets were consistent with previous year deal counts. As CJI London recently debated, the industry is likely to see a ‘vaccine bounce’ emerge in 2021, and, along with well-established Covid-19 testing programs already in place, signals a growing confidence and need to travel. This new year brings a fresh optimism, with vaccines now deploying, and increased market stability as we plot the path towards recovery.

On behalf of everyone at Jetcraft, we would like to thank all our clients, employees, partners, vendors, and friends for their continued support. Now, let’s look ahead to business aviation in 2021.

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This month we are releasing our 5-Year Pre-Owned Business Aviation Market Forecast. With the impact of Covid-19 touching many lives and industries, including our own, forecasting the future has certainly been more challenging against this backdrop. However, it doesn’t mean we shouldn’t attempt to do so.

This year, we are focusing our predictions solely on the pre-owned market, an area often excluded from other industry outlooks and which is a particular strength of ours. Moreover, for the first time, our forecast is enriched by the introduction of trends from our own past transactional data and customer insights.

In our previous forecasts, we did predict a downturn. Although it has taken place sooner than we thought, we were prepared and, as a result, are in a stronger position than 2008, the last big downturn for our industry.

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An upsurge in demand for aircraft as we approach the year’s end isn’t unusual. But the dual influences of Covid-19 and the imminent US election have combined to make this year’s fourth quarter unlike any we’ve experienced before. The pace of business is set to skyrocket between now and year end – and with that comes the potential for closing delays beyond December 31.

Prepare now, purchase later

If you want to close in 2020, you need to start your purchase now as pre-purchase inspection slots are already filling up fast.

Many maintenance providers were forced to make changes during lockdown, resulting in modified or reduced staffing levels. Meanwhile, owners are taking advantage of the downtime to complete due or upcoming maintenance. These factors are creating capacity challenges, leaving fewer pre-buy slots and less time to close on an acquisition.

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With more than 55 years’ experience helping our customers buy and sell their private jets, we regularly talk to new people who are taking the first step into aircraft ownership.

We have many resources on our website, including a Guide to Buying and Selling and a detailed article that walks you through the acquisition process.

The Covid-19 pandemic has brought safer travel into sharp relief in recent months and we’ve received an increasing number of inquiries from first-time buyers who are looking to business aviation as the route to safe, flexible and controlled travel. Here, we answer their most frequently asked questions.

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It has started cautiously, and it’s still carefully controlled. But we’re confident: the business aviation industry will start to return to normal. Even if this winter sees a resurgence of the virus, we are better prepared.  Skies will be busier, borders will start reopening, and FBOs will see a stream of travelers passing through.

Undoubtedly, Covid-19 has changed our priorities. Travelers are rightfully demanding more control of their environment than before, prioritizing personal safety, hygiene and cleanliness. Here are three reasons why the nature of business jet cabin design, usage patterns, and upkeep, make this the healthiest way to fly.

A breath of fresh air

There has always been discussion around air quality when flying and, now more than ever, the perceived risk of spreading airborne viruses in the cabin has brought the use of High Efficiency Particulate Air (HEPA) filters to the fore. This system uses 50/50 fresh air from outside the cabin and recirculated air, which passes through filters. For those aircraft types that don’t have a 100% fresh air system, entirely replenishing the air every few minutes (as found in all Gulfstream models), HEPA filters are the main form of purification.

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